Corporate Transparency Act
~97% of businesses registered in the US must report before the end of the year. Are you ready?
File your report with FinCEN now to avoid penalties of over $500 per day and even jail time. Don’t delay. Order now to experience:
- Guided, secure information collection via our online forms.
- We prepare and submit your filings to save you up to 3 hours per report.*
- Easy to manage annual subscription covers up to four reports per year.
No long-term obligations. Cancel anytime.
Want to Speak With an Expert?
Get advice from a licensed attorney with deep knowledge of BOI reporting procedures and best practices.
Put Beneficial Ownership Reporting on Autopilot
Millions of companies operating in the US must report beneficial ownership information (BOI).
Harbor Compliance’s full-service support is the easiest way to stay ahead of the requirements. Sign up today and experience:
- Simple, secure online information collection
- Centralized data storage that streamlines information tracking and updates
- Automated notifications to keep you up to date on ongoing filing requirements
- Filing support for initial, updated, and corrected reports
The result is you spend more time focused on your core business operations and less time worrying about government filing requirements.
Who Can Benefit?
Our BOI Reporting Service caters to a wide range of businesses:
Multientity businesses
Corporations and LLCs
Small businesses
Multinational companies
Nonprofits that are not 501(c) exempt
Full Visibility of Your Ownership in Our Software
Records Manager* provides a simple and efficient way to store corporate records, track ownership and leadership, maintain board meetings and minutes, and more.
How Our BOI Reporting Service Works
Complete the online form to order our BOI Reporting Service. We will collect the required data points to complete your order.
Reporting BOI to FinCEN
Provide basic company information today.
We collect beneficial ownership information and securely file.
You receive proof the initial filing has been completed and ongoing support for changes to your information.
Maintaining Beneficial Ownership Information Over Time
Reporting Beneficial Ownership Information is more than just a one-time filing. As beneficial owners change, companies must complete additional filings to notify FinCEN of the updates. Additionally, information submitted in error must be updated via corrected reports. Unlike the solutions offered by other providers, up to four initial, updated, and corrected reports are included in Harbor Compliance's BOI Reporting Service annually.
Dive Deep Into Our Extensive Resources
Presented Monthly
A Guide to Beneficial Ownership Information Reporting
Meeting New Reporting Requirements Under the Corporate Transparency Act
Join our free monthly webinar where we discuss the latest developments in BOI reporting requirements and best practices for simplifying the filing process.
Accounting professionals who attend and complete the final assessment will receive 1 credit hour of CPE.
Support for Partners
BOI reporting requirements impact ~30 million companies, meaning clients of virtually every professional service company face filing obligations for initial, updated, and corrected reports. The need for services to meet these requirements is unprecedented. Your clients demand solutions. Meet the call by partnering with Harbor Compliance.
Confidently respond to their needs with our best-in-class software and services. Interested in turning BOI Reporting Service into a new revenue stream for your business? We partner with firms of all kinds to simplify and expedite filing processes for their clients. Learn more about the Harbor Compliance Alliance.
Frequently Asked Questions
The Corporate Transparency Act (CTA) is a federal law enacted in 2021 as part of the National Defense Authorization Act. Its primary goal is to prevent money laundering, terrorism financing, and other illicit financial activities by promoting transparency within corporate structures.
The CTA requires entities to report the individuals with ownership and controlling stake to the federal government. This involves submitting beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) and notifying the agency of any changes to the information as they occur.
The reporting requirement of the CTA is effective on January 1, 2024. FinCEN will begin accepting beneficial ownership information reports on that date.
Key details required include the entity’s name, any trade or DBA names, state of formation, federal EIN, ID number from its domicile Secretary of State, the entity’s primary address within the US, full legal name of each beneficial owner, unique identifying number from an acceptable identification document, and more.
Beneficial owners have substantial control over or receive substantial economic benefits from a legal entity.
While the CTA broadly applies to corporations and LLCs, specific exemptions exist. More heavily regulated entities such as banks, credit unions, investment companies, and entities already required to report certain information to the federal government are exempt from the CTA's reporting requirements. Read our guide, Everything You Need to Know About the Corporate Transparency Act (CTA) for a full list of exemptions.
Failure to comply with the CTA can result in significant penalties. These may include fines of $500 per day, up to $10,000, or even criminal charges.
For legitimate businesses, beneficial ownership reporting promotes a more transparent and trustworthy business climate. It helps prevent unfair competition from entities engaging in illicit activities, creating a more level playing field for all businesses.
Businesses can prepare by conducting an internal review of their company's structure and ownership hierarchy, collecting necessary documentation for each beneficial owner, establishing a centralized record-keeping system, ensuring regular updates, and training staff members for ongoing compliance.
Our BOI reporting service completes the initial filing and supports updating your information going forward. Order BOI Reporting Service to ensure your initial BOI filing, updates, and changes are managed as needed.
